The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1887-07-27
NO. 772
EVASION or TAxkTIoa.
M u

Tie laws IF New Jefsey reqaire that
call real and personal estate within this
State, whether owned by individuals or
corporations, shall be liable to taxation
at the full and actual value therof.''
Notwithstanding the explicitness Of the
law, it is believed that half the most
valuable property in the State absolute
ly escapes taxation. Our assessors are
expected to assess all property, real
and personal, yet the means provided
are inadequate to the end sought. Per-
sonal property is difficult to find excep-
ting that which is visible and tangible,
represented by machinery, goods, furni-
ture, etc. Stocks, bonds, credits, and
similar forms Of personal estate, which
represent an enormous aggregate OF
wealth, easily elude assessment, while
the persons owning them are usually
most able to pay tax.
Alate report of the Comptrolier shows
that only thirty per cent. of the taxable
value of New Jersey is in personal prop
erty. Good authorities estimate the
true value of the personal to fully equal
the real estate, and that but about one
third Of the personal was ever discover
ed by the assessors and made subject to
tax. In Massachusetts stringent as
sessment brought mp the personal prop.
srtv of fhot Ctato q, f,,,,. tor4f,. - AZ
real estate in valuation. If this proper
ton holds good in New Jersey, il fol.
lows that personal property worth some
two hundred millions Of dollars entirely
escapes the assessor. Real estate and
tangible personal property is before his
eye, and cannot be easily overlooked,
however much it may be undervaIued.
In Princeton township, last year, the
real estate was assessed at 81, 709. 900
and the personal property at $4,000.
There is no doubt that hundreds Of
thousands OF dollars represented by
bonds and mortgages, on property out.
side of New Jersey, stocks and money
in the banks, and various other corpora
tions which are taxable here, are not
reached by the assessor. He cannot sec
these forms ofindebtedness, and must
to great extent, with the inefficient
means of ascertaining the facts, rely
upon the honor of the tax-papers to fur
nish him full list of their taxable es-
tate That evasion md eoncealment are
habitually resorted to, it is said, is PROV
en- by the figures quoted, not only for
the State at large, but for Princeton as
we'll Men do not like to pay taxes;
but government must haye them ia or
der to live. 1t thus becomes the duty
of the State to lay its burdens first as
lightly and then as evenly as possible;
and in such manner as to offer those
who may desire to escape them neither
xtnsf r1tsns k5ss a nc. 4 ,.ssss..,,,
hope OF success ?
There are people, doubtless, who do
not return to the assessor certain classes
OF propertyiby reason of their ignorance
OF the law which requires such returns
In Princeton, We have no doubt, there
is held round hundred thousand dol
lars worth Of Western farm mortgages,
perphaps two hundred thousand dollars
would not cover this class of investment
held by our people. How many of
these mortgages are assessed? We fear
that the greater part Of them are untax-
ed. The evil here is two-edged. Tho
government is deprived of the tax
which is lightfully due upon this large
investment, and money is made scarcer
and dearer here because people prefer
to loan it on a 6 or per cent. guaranteed
Western mortgage, if they can thereby
escape taxation, than TO loan itat homo
at 6 per cent and pay the lawful tax.
The Improvement OF onr towns hinder
ed, by the same means that dcpriyes our
local and school and county treasures
OF their rightful dues. People may hon
esty believe these mortgages aro not
taxable, but they are mistaken, and are
violating the law and their consciences
by concealing them from the assessor.
There remarks apply as we'll to bank
stock, notes, money in bank, etc., all of
which are taxable whore the owner re-
sides, unless tax has been paid on them
elsewhere within the years-Prnceton
Press.